BQuick On Oct. 21: Top 10 Stories In Under 10 Minutes
Top news, must-read stories and columns—all served up in less than 10 minutes.
This is a roundup of the day’s top stories in brief.
1. SBI’s Festive Season Discounts
The State Bank of India announced a discount on interest rates for homebuyers during the ongoing festive season in a bid to boost consumer demand.
Home loan customers will get an interest rate concession of up to 20 basis points based on their CIBIL score for properties costing Rs 75 lakh and above, India's largest lender said in a press release on Wednesday.
For loans between Rs 30 lakh and Rs 75 lakh, homebuyers will receive a concession of up to 10 basis points.
There are also other offers for retail customers on car, gold and personal loans.
2. How Bajaj Finance And UltraTech Cement Fared In Q2
Bajaj Finance Ltd. reported a drop in net profit as the consumer financier set aside a larger amount as provisions against stressed assets.
Net profit fell 36% year-on-year to Rs 965 crore for the September-quarter.
Net interest income rose 4% to Rs 4,105 crore.
Assets under management rose to Rs 1.37 lakh crore.
While Bajaj saw an increase in AUMs, it pursued a selective lending approach. Find out more.
UltraTech Cement Ltd.’s quarterly profit more than doubled, aided by cost saving measures and lower finance expenses.
Net profit jumped 113% to Rs 1,234.38 crore.
Net sales rose 8% to Rs 10,354 crore.
Volumes increased to 19.2 million tonne from 16.03 million tonne a year ago.
UltraTech Cement lowered net debt for the second straight quarter.
3. Trading, The Jhunjhunwala Way
Rakesh Jhunjhunwala doesn’t subscribe to a particular ‘style’ of investment, rather he likes to keeps it simple.
“I have nothing formalised. My risk management is what I have learnt and I do it personally” he said at CMT Association’s 2020 India Virtual Summit.
“My basic principle is that no creditor should ever ring me up and ask me for his money,” Jhunjhunwala said.
Jhunjhunwala has some advice for young investors and traders.
4. Sensex Volatile; U.S. Stocks Rise
Indian equity markets recovered from a volatile 45 minutes of trade to end higher for the fourth straight day.
The S&P BSE Sensex ended 0.4%, or 163 points, higher at 40,707. The index had fallen nearly 400 points around 2:30 p.m.
The NSE Nifty 50 closed 0.3% higher at 11,937.
Follow the day’s trading action here.